Chinesesharesdown0.62pctatmidday
Chinese shares fell 0.62 percent by midday Monday led by property developers on persistent concerns that Beijing could take further measures to cool the real estate market, dealers said.The Shanghai Composite Index, which covers both A and B shares, was down 19.30 points at 3,094.59.
"It is still likely that Beijing may adopt further measures to curtail property price rises, especially on speculation activities," Guosen Securities analyst Wang Junqing told Dow Jones Newswires.
Last week China said it would tighten payment rules for land sales to developers, requiring a minimum downpayment of 50 percent on land purchases from the government -- and full payment within a year.
Banks tumbled after state media reported that Chinese lenders will need to raise 500 billion yuan (73.2 billion dollars) from capital markets next year to boost their capital adequacy ratio. The Shanghai A-share index lost 20.23 points, or 0.62 percent, to 3,245.96, while the Shenzhen A-share index fell 1.81 points, or 0.15 percent, to 1,182.47
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